ECC approves the removal of dividend distribution cap on MPCL

The Economic Coordination Committee (ECC) was presided over by Minister for Finance and Revenue Dr Abdul Hafeez Shaikh on Wednesday received a summary from the Petroleum Division for removal of dividend distribution cap on Mari Gas Company Limited (MPCL) under Gas Pricing Agreement as the company is being considered for privatisation.

The ECC of the Cabinet has allowed removal of dividend distribution cap on Mari Petroleum Company Limited (MPCL) to ensure that the divestment transaction generates optimum sale proceeds for the government.

After due deliberations, the ECC allowed that the dividend distribution cap may be removed to ensure that the divestment transaction generates optimum sale proceeds for the government.

The ECC meeting further decided that the MPCL would ensure dividend distribution in accordance with the Provisions of Companies Act, 2017 and the Companies (Distribution of Dividends) Regulations, 2017.

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